Beverage Vending Machine Market Forecast and CAGR
According to the latest survey report by Fact.MR, demand for beverage vending machines will increase in 2021. In the current scenario, the global market will witness a significant shift in sales of vending machines.
The market research report from Fact.MR tracks the market sales for 2016-2021. However, the forecasting period of the beverage-vending machine market will be 2021-2031.
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Key Developments in Beverage Vending Machine Landscape
In a step towards advancement, key manufacturers such as Innovative Vending Solutions LLC are adopting Artificial Intelligence (AI) and smartphone interaction features. Due to this, the consumer will be able to pull up the real-time inventory.
Moving in the queue, other manufacturers like Abberfield Technology are focusing on energy-saving vending and Facial recognition software for smart purchases. It will prevent the consumer from buying restricted products on the basis of personalized buying history.
The trend in beverage vending machines has revolutionized the retail market. The convenience of automated dispensing and cash-free acceptance propels the installation rate. Subsequently, the retail market will be dominated by beverage vending machines in the forthcoming future.
Due to shift in consumer buying behavior and increasing urbanization, the demand is expected to skyrocket. The developed economies are already witnessing the strong demand of beverage vending machines due to the rapidly changing lifestyle.
The high installation cost somehow confines the growth of vending market. However, the manufacturers are finding vending solutions to upscale the growth. The installation of beverage vending machines in hotels and airports surge the demand in the global market.
The manufacturers are stepping towards smart and sophisticated innovations to surplus the demand. For instance, the high-definition screens and advanced vending software are likely to increase the utility of beverage vending machines.
The beverage vending machine market is anticipated to stay in demand in upcoming years. Moreover, the self-inventory feature will reduce the man-work. This will ultimately make it an ideal choice for beverage dispensing.
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The advancement in technology and elimination of middlemen led to the establishment of vending machines. The vending machine is an easily accessible way of selling or offering goods and services via machines.
The electronically run vending machines are coin or swipe card operated and provide different products such as beverages, snacks, cigarettes and non-food merchandise such as tools, shoes, umbrellas and other products.
The beverage vending machine holds the core business for the vending machine industry. The beverage vending machines offer different types of hot and cold beverages and water.
The significant growth of the food and beverage industry is the critical factor that stimulates the global beverage-vending machine market. The beverage vending machine is capable of providing products at any time acquiring little space.
The acceptance and prevalence of beverage vending machines are giving rise to innovation in the industry and growth of the global market over the forecast period.
Key trends Driving Demand for Beverage Vending Machine:
The significant growth of the packaged beverage industry is one of the critical driving factors fuelling the growth of the vending machine market.
The increasing demand for ready-to-drink or packaged beverages among consumers is the driving factor that is stimulating the growth of the beverage vending machine industry.
In hotels and restaurants, beverage vending machine has been established additionally to attract consumers and to provide extra service to the guests with an influential sale of the product.
The establishment of a beverage vending machine in restaurants, hotels, and airports is expected to boost the growth of the global market. The instant service and variety of products offered by a beverage vending machine attracts consumers and drives the growth of the global market.
Moreover, the beverage vending machine provides cashless payment options such as smartphone payment systems which boost the growth of the market over the forecast period. The high initial installation cost of beverage vending machines restraints the growth of the global market.
Beverage Vending Machine Sales across Key Regions:
The global beverage-vending machine market can be segmented into seven regions as North America, Latin America, Europe, Japan, APEJ (the Asia Pacific excluding Japan), CIS & Russia and MEA.
Among all the regions, North America is expected to hold the highest share of the beverage-vending machine market due to the preference for the packaged beverages among consumers.
The growth of packaged beverage industry is expected to play a crucial role in the growth of the global beverage vending machine market. The APEJ region is anticipated to show healthy growth for the beverage-vending machine market over the forecast period.
China and India are considered to show robust growth for the beverage vending market due to the rise in the beverage industry among the growing urban population. CIS & Russia and MEA region are predicted to show moderate growth for the beverage vending market.
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According to our insights, the global beverage vending machine market will grow significantly over the forecast period, 2021-2031.
Key manufacturers of Beverage vending machines are:
- Innovative Vending Solutions LLC, Abberfield Technology Pty. Ltd, Fuji Electric Co. Ltd., Bulk Vending Systems Ltd, GTECH Corp, Cantaloupe Systems Inc.,
- American Vending Machine Inc., Azkoyen SA, UK Vending Ltd, Bianchi Vending Group SpA and USA Technologies Inc. among others.
The beverage vending machine can be segmented by product as
- Hot beverage vending machine
- Cold beverage vending machine.
The hot beverages offered by the beverage vending machine are
- And other drinks.
The cold beverage vending machine holds a significant share of the global sales and offers products such as
- Cold drinks
- Fruit juices
- And some other cold beverages.
The beverage vending machine is further segmented by the end-user industry which comprises
- Corporate offices
- Railway or metro stations
- Quick serving restaurants
- And others.
The considerable share of the market is expected to hold by the quick serving restaurants for the global beverage.
The revenue generation of beverage vending machine industry through railway or metro stations and airports is expected to boost the growth of the worldwide market.
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